0
An allowance.
Here are some additional controls
For Cash receipts
> Keeping Cash handling and Book Keeping separate
> Daily deposit of cash receipts
For Cash disbursements
> Making all disbursements by cheque (other than petty cash)
> Keeping the Cheque book under lock and key.
> Sign checks only if adequate documentation is presented
> Have only higher-level personnel sign checks (neverthe bookkeeper!)
> Prepare bank reconciliations.
> Keep petty cash in a safe place.
> Execute Fidelity bonds on employees in positions of trust, such as book-keepers. (Fidelity bonds are insurance policy taken against the risk of dishonesty by employees.)
What else can I help you with?
What are the Five methods of internal control of cash?
establishment of responsibility segregation of duties documentation procedures physical, mechanical, and electronic controls independent internal verfication
Internal control procedures for cash receipts require that?
go to study
An application of good internal control over cash disbursements is...?
following payment, the approved invoice should be stamped "paid"
At the corner grocery store all sales clerks make change out of one cash register drawer Is this a violation of internal control and Why?
A
What are internal sources of finance to a business?
Internal sources of finance refer to funds generated within a business itself, rather than from external sources. Common examples include retained earnings, where profits are reinvested back into the business, and the sale of assets, such as equipment or property. Additionally, cash flow from operations can provide a source of finance for ongoing expenses and investments. These methods allow businesses to maintain control over their finances without incurring debt or diluting ownership.
What is the most basic internal control for cash?
Keeping money in the bank account because banks have established practices for safeguarding customer's money.
Can petty cash be misappropriation of funds?
Petty cash is also called cash-in- hand as opposed to cash- at- bank. Where there is good system of internal control eg. petty cash float is established and maintained and occasional surprise csh count is undertaken a presponsible person, the possibility misapropriation of funds is rather very remote.
How is salary paid?
That depends on the company. Three methods common used are (a) in cash, (b) with a check, (c) paying the salary to an employee's account.
The reconciliation of the cash register tape with the cash in the register is an example of?
independent internal verification
Payment Methods?
VisaMasterCardAmerican ExpressDiscover cash
What methods of payment are accepted on the Chicago Skyway?
The only methods of payment that are currently accepted on the Chicago Skyway are : Cash, EZPass, and IPass. Cash is only accepted if you drive through the "Cash Only" lane.
What are the most common payment methods accepted in France, including credit cards?
The most common payment methods accepted in France include credit cards, such as Visa and Mastercard, as well as debit cards, cash, and mobile payment options like Apple Pay and Google Pay.
